Quote:
Originally Posted by Porsche-O-Phile
Simply walking away and defaulting on a contractual obligation because it becomes inconvenient for you (i.e. "you can't make a huge profit short-term") is in no way a justification to walk away. I think you only walk away if you are seriously defaulting and foreclosure is inevitable otherwise anyway.
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A home mortgage is a secured loan. The lender made an informed decision to loan X amount against a real asset. If the lender made a bad decision, tough luck.
Any real estate purchase is a business decision.
If a business owner fails, and "walks away", not a judgmental word is uttered by anyone. (screw the commercial property owner whose lease agreement is defaulted upon, screw the suppliers who extended credit to the business owner and is left with no recourse, and screw the customer who is left with no warranty on good/services purchased...)
its business. nothing more, nothing less.